Wednesday, 08 December 2021 03:25 GMT

Saudi Arabia’s Almarai marks 22.5 percent drop in profit in 9 months


(MENAFN) During the first nine months of the year, Saudi Arabia’s Almarai marked a 22.5 percent drop in profit, in comparison to the previous year same time span, as the pandemic and value-added tax (VAT) weigh in on revenues.

The dairy giant declared that its net profit amounted at SR1.28 billion in the mentioned period, n comparison to SR1.65 billion in 2020.

It also stated that the drop came as a result to the effect of COVID-19 pandemic, in addition to VAT-related changes in purchases.

Gross profit dropped 10.1 percent due to changes made because of funding reduction.

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